Hall, Stephen G.; Hondroyiannis, George; Swamy, P.A.V.B.; … - Bank of Greece - 2007
As part of its monetary policy strategy, the European Central Bank has formulated a reference value for M3 growth. A pre-requisite for the use of a reference value for M3 growth is the existence of a stable demand function for that aggregate. However, a large empirical literature has emerged...
